Winners

U.S. market indices have managed to hold onto Tuesday's gains, and as risk stays in vogue, investors are unloading their exposure to safe haven asset classes. Shedding defense bodes well for TBT, which has broken near term resistance and powered to levels last seen in November. The iShares Barclays 20+ Year Treasury Bond Fund ( TLT), on the other hand, is tumbling to new 2012 lows.

A pair of positive sessions has helped propel EUFN back to its 2012 highs. Despite this upward action, ETFs linked to certain EU nations and other corners of Europe are not faring as well. The iShares MSCI Italy Index Fund ( EWP) and the iShares MSiCI Sweden Index Fund ( EWD) are both taking hits.

After five days of losses, VXX has reversed course. This steep drop has pushed the volatile product levels seen prior to last summer's rally. In the days ahead, it will be interesting to see if the fund can regain some lost ground, or if more losses are on the way.

Losers

Gold prices are taking a shot across the bow, pushing the bullion-backed iShares Gold Trust ( IAU) back to mid-January levels. The weakness is weighing heavily on gold miners, although the smaller, more volatile producers underlying the Market Vectors Junior Gold Miners ETF ( GDXJ) are taking the brunt of the hit.

Gold miners are not the only precious metal producers heading lower, however. The Global X Silver Miners ETF ( SIL) is also declining.

The weakness in the precious metals mining industry is weighing on the South Africa ETF. With companies like AngloGold Ashanti ( AU) and Gold Fields ( GFI) finding spots among its top 10 holdings, I have mentioned in the past how the fund may appeal to those looking for a unique play on the industry.

Uranium producers's impressive strength on Tuesday was short-lived as URA has given back its gains.

The earthquake that struck Japan this morning likely did little to inject confidence into this industry. With last year's natural disaster fresh on investors' minds, it may be best to watch URA from the sidelines.

Global stocks bumped higher Tuesday, while Wall Street futures suggested another positive open, as investors digested a mix set of economic readings from China and continued to focus on the U.S. corporate earnings season.